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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹442 Cr.
Stock P/E
9.4
P/B
1.6
Current Price
₹41.4
Book Value
₹ 25.6
Face Value
1
52W High
₹68.6
52W Low
₹ 32.5
Dividend Yield
6.04%

Radiant Cash Mgmnt. Overview

Business

Radiant Cash Management Services Ltd. is an integrated cash logistics company in India. Its core business involves providing secure and efficient management of cash and valuables for banks, financial institutions, organized retail, and e-commerce companies. The company's business model revolves around offering end-to-end cash management solutions, including cash collection, transportation, processing, vaulting, and ATM replenishment. Radiant makes money by charging service fees based on the volume, value, and frequency of cash handled, as well as the specific services provided (e.g., ATM uptime guarantees, secure transit fees).

Revenue Mix

Radiant primarily operates as an integrated cash management service provider. Its revenue streams are broadly categorized by the nature of the service:

Cash-in-Transit (CIT): Secure transportation of cash and valuables between banks, ATMs, retail outlets, and cash processing centers.

ATM Services: End-to-end management of ATM networks, including cash forecasting, loading/replenishment, first-line maintenance, and reconciliation.

Retail Cash Management: Collection of cash from retail stores and processing, often including counting, sorting, and depositing into bank accounts.

Cash Processing & Vaulting: Secure storage, counting, authentication, and processing of cash in vaults.

Industry

The cash management services industry in India is highly regulated by the Reserve Bank of India (RBI) and is capital-intensive, requiring specialized infrastructure, secure vehicles, technology, and trained personnel. Key players include CMS Info Systems, SIS Prosegur, Brinks Arya, and Logicash, among others. Radiant Cash Management Services is one of the leading players in this fragmented but consolidating market. It differentiates itself through its extensive pan-India network, focus on security and operational efficiency, and adherence to regulatory standards, serving a wide base of public and private sector banks, as well as large retail clients.

MOAT

Radiant possesses several durable advantages:

Scale & Network Effect: An extensive network of branches, cash processing centers, armored vehicles, and personnel across India creates significant operational efficiencies and acts as a high barrier to entry for new competitors.

Regulatory Compliance & Licenses: Operating in a highly regulated sector requires adherence to strict RBI guidelines, which Radiant has established, making it difficult and costly for new entrants to achieve similar compliance and trust.

High Switching Costs: For large banks and retail chains, changing a cash management service provider involves significant operational disruption, integration challenges, and re-establishing trust, leading to sticky client relationships.

Trust & Brand Reputation: Handling cash and valuables requires immense trust. Radiant has built a reputation for reliability and security over years, which is critical in this business.

Growth Drivers

Economic Growth & Consumption: Continued economic growth and increasing consumption in India drive a higher volume of cash transactions.

Expansion of Banking & ATM Network: As banks expand their presence, especially in Tier 2/3 cities and rural areas, the demand for ATM replenishment and secure cash logistics services increases.

Outsourcing Trend: Banks and large organized retailers increasingly outsource their non-core cash management functions to specialists like Radiant for efficiency, cost savings, and risk mitigation.

Organized Retail Growth: The expansion of organized retail chains and e-commerce (especially Cash-on-Delivery models) drives demand for retail cash management solutions.

Tiered Cash Economy: Despite the rise of digital payments, cash remains prevalent in India, particularly for smaller transactions and in semi-urban/rural areas, ensuring a sustained need for physical cash management.

Risks

Digitalization & Demonetization Risk: Rapid adoption of digital payment methods (UPI, cards) could lead to a long-term reduction in physical cash usage, potentially shrinking the addressable market. Future demonetization-like events could severely disrupt operations.

Regulatory Changes: Changes in RBI guidelines regarding cash handling, security standards, or transaction fees could impact operational costs and profitability.

Security Risks: The business inherently faces risks of theft, robbery, and fraud, leading to potential financial losses, reputational damage, and increased insurance premiums.

Intense Competition & Pricing Pressure: The industry can be competitive, leading to pricing pressure and potential margin erosion, especially from smaller regional players.

Labor Costs & Availability: The business is labor-intensive, making it vulnerable to rising labor costs and challenges in recruiting and retaining reliable, trained personnel.

Management & Ownership

Radiant Cash Management Services is a promoter-led company, with Dr. R.P. Narain as its founder. The promoter group holds a significant stake in the company, which is common in India. The management team typically comprises professionals with experience in the security, logistics, and financial services sectors, focusing on operational execution, network expansion, and regulatory compliance.

Outlook

Radiant operates in a critical infrastructure segment for the Indian economy. While the long-term trend towards digitalization presents a structural challenge to the volume of physical cash, the immediate future sees continued robust demand for cash management services, driven by India's economic growth, expanding banking network, and the persistent use of cash in various sectors. The company's established pan-India network, strong client relationships, and adherence to stringent regulatory requirements provide a solid foundation. However, to ensure long-term sustainability, Radiant will need to continuously optimize its operations for efficiency, adapt to evolving payment landscapes, and potentially explore diversification into related secure logistics or value-added services that complement its existing infrastructure, balancing the steady demand for cash with the accelerating shift towards digital transactions.

Radiant Cash Mgmnt. Share Price

Live · BSE / NSE · Inception: 2005
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Radiant Cash Mgmnt. Quarterly Results

#(Fig in Cr.) Dec 2022 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 93 101 99 100 107 116 104 100 105 124
Other Income 0 1 1 1 2 2 2 2 2 2
Total Income 93 102 100 101 109 118 106 102 107 126
Total Expenditure 70 84 85 83 88 94 91 90 93 109
Operating Profit 24 18 15 18 21 23 15 12 14 17
Interest 0 0 1 1 0 1 1 1 2 2
Depreciation 1 2 2 2 3 3 3 3 3 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 22 16 12 15 18 20 11 8 10 12
Provision for Tax 5 4 3 4 5 5 3 2 2 1
Profit After Tax 17 12 8 11 13 15 8 6 8 12
Adjustments 0 0 0 0 -1 -1 1 2 1 -1
Profit After Adjustments 17 12 8 11 12 13 10 7 9 11
Adjusted Earnings Per Share 1.7 1.1 0.8 1 1.2 1.3 0.9 0.7 0.8 1

Radiant Cash Mgmnt. Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 386 427 433
Other Income 6 7 8
Total Income 392 434 441
Total Expenditure 305 335 383
Operating Profit 87 99 58
Interest 20 25 6
Depreciation 7 10 12
Exceptional Income / Expenses 0 0 0
Profit Before Tax 61 64 41
Provision for Tax 16 17 8
Profit After Tax 44 47 34
Adjustments 0 -1 3
Profit After Adjustments 45 46 37
Adjusted Earnings Per Share 4.2 4.4 3.4

Radiant Cash Mgmnt. Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 253 273
Minority's Interest 1 1
Borrowings 0 0
Other Non-Current Liabilities 1 2
Total Current Liabilities 56 145
Total Liabilities 311 421
Fixed Assets 44 41
Other Non-Current Assets 12 27
Total Current Assets 254 353
Total Assets 311 421

Radiant Cash Mgmnt. Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 98 126
Cash Flow from Operating Activities 41 43
Cash Flow from Investing Activities 8 -24
Cash Flow from Financing Activities -20 53
Net Cash Inflow / Outflow 28 72
Closing Cash & Cash Equivalent 126 198

Radiant Cash Mgmnt. Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 4.19 4.36
CEPS(Rs) 4.79 5.36
DPS(Rs) 2.5 2.5
Book NAV/Share(Rs) 23.71 25.58
Core EBITDA Margin(%) 21.16 21.59
EBIT Margin(%) 20.92 20.82
Pre Tax Margin(%) 15.69 15.02
PAT Margin (%) 11.51 11.02
Cash Profit Margin (%) 13.23 13.4
ROA(%) 14.32 12.86
ROE(%) 17.57 17.89
ROCE(%) 28.86 26.76
Receivable days 72.86 64.49
Inventory Days 0.81 0.69
Payable days 1039.22 144.88
PER(x) 18.16 11.77
Price/Book(x) 3.21 2
Dividend Yield(%) 3.28 4.88
EV/Net Sales(x) 1.75 0.96
EV/Core EBITDA(x) 7.72 4.12
Net Sales Growth(%) 0 10.57
EBIT Growth(%) 0 10.04
PAT Growth(%) 0 5.84
EPS Growth(%) 0 3.9
Debt/Equity(x) 0.11 0.41
Current Ratio(x) 4.58 2.44
Quick Ratio(x) 4.56 2.43
Interest Cover(x) 4 3.59
Total Debt/Mcap(x) 0.03 0.2

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +11%
Operating Profit CAGR +14%
PAT CAGR +7%
Share Price CAGR -36% -25%
ROE Average +18% +18% +18% +18%
ROCE Average +27% +28% +28% +28%

Radiant Cash Mgmnt. Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 56.92 %
FII 0.3 %
DII (MF + Insurance) 0.95 %
Public (retail) 43.08 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 56.9256.9256.9256.9256.9256.9256.9256.9256.9256.92
FII 2.130.130.072.150.471.020.450.170.170.3
DII 18.9318.7716.419.69.518.62.310.950.950.95
Public 43.0843.0843.0843.0843.0843.0843.0843.0843.0843.08
Others 0000000000
Total 100100100100100100100100100100

Radiant Cash Mgmnt. Peer Comparison

Business Support Edit Columns

Radiant Cash Mgmnt. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Radiant Cash Mgmnt. Pros & Cons

Pros

  • Debtor days have improved from 1039.22 to 144.88days.
  • Company is almost debt free.

Cons

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